Investcorp sells UK finance firm for $327m
Manama, January 16, 2014
Bahrain-based Investcorp, a global provider of alternative investment products, has agreed the sale of UK-based TDX, a debt services firm, to Equifax, a global information solutions provider, for GBP200 million ($327 million).
Through its technology fund, Investcorp Technology Partners III, Investcorp acquired a substantial minority stake in TDX in 2008, becoming the largest and only institutional shareholder alongside TDX's three founders.
Founded in 2004 and headquartered in Nottingham, UK, TDX employs approximately 345 people globally. TDX provides businesses with technology, data and advisory solutions to improve debt liquidation and the fair treatment of consumers in financial arrears.
Mohammed Al-Shroogi, president for Gulf Business at Investcorp, said: “With our support, TDX has been able to realise its potential and has evolved from being a UK-focused operation to one with a growing international footprint. The fact that the company has attracted the interest of a strong trade buyer in Equifax is testament to the quality of solutions and services TDX offers to its clients in recovering delinquent debt.”
The transaction is Investcorp’s third successful exit of its technology portfolio in twelve months following its agreement to sell the Skrill Group, one of Europe’s largest online payment systems, to CVC Capital and the flotation of Fleetmatics, the Irish-based leading global provider of fleet management solutions for commercial fleet vehicles, on the New York Stock Exchange.
Investcorp was advised on the transaction by Canaccord Genuity (financial advisor) and King & Wood Mallesons (legal). – TradeArabia News Service